European Stars and Stripes (Newspaper) - October 13, 1964, Darmstadt, Hesse Tuesday october 13. 1964 the stars and stripes d Page. 23 pm strike drags on dealers begin to feel effects re j a fit film Nurt attn ten Lintl anon incl. 1.1__ _ by Jack Leflie new York a the Gen eral motors strike dragged on last week despite Hopes for Earl settlement. And Vire closing . Stock Market prices at Rcd Calum Ltd Angrid am can am m cd am Mot am Thottam Tat All a Oart lab mock Inot can Pecar Iii car trac a no inc 40 Chr Paior Colt Falcomi on cart Kod Imrij of Alram 8&h i Dyno a Claeton pad qty my ind Loch Alre Maama up Minn Mam b7�, 17us by cent no am a w4 41 Fth 41h hey met Rich Mir Hoy out Lafitay to in Thomp Hanio u in cat it Iund or wet u it Hub Lut Sitf i warn Lamb 9i j we us � a it cd 404 Wool Tel a it in Opatut prices from Merrill Lynch Pierce a my Fenner Smith Frankfurt. Washington a fore closures of Homes financed with pad insured mortgages Are run Nln at an All time High. The same goes for House Loans guaranteed by the veterans administration. But the situation is not Caus for alarm say spokesmen for Kwh the a and the Federal housing administration. They Call it an adjustment toward nor Mality from shortly after world War n when real estate men eagerly looked for houses to Sellup to recent years when Supply More nearly met demand. The a spokesman put it this Way a big Factor is absence of Price appreciation in the past Lew years. A few years ago a mistake in judgement As to value of a House could be remedied just holding on to it a year or two. That time has Cha and a officials agreed that foreclosures arc up or Dow with the econom ? pulse of a Community or area and the individual affected. When a Mili tary base or an Industry shuts Down foreclosures i that area Are a Man is out of a Job he May have to let his House go. The next leading reason fro the individual s standpoint is death of a husband or wife divorce or costly illness in the family. The foreclosure trend is not limited to mortgages insured or guaranteed by the government but prevails though to a lesser degree throughout the House financing Industry according to an official of the Federal Home trading moderate As prices Rose on american Market new York up Stock moved Irre Malarly higher in mod Erate trading on the american Stock Exchange last week. Volume increased slightly to b.475.040 shares from 8.331.345 hares a week before and 1.703. 875 shares in the same week Las year. Pan coastal Petroleum gained at 1h on 340.mo shares and brazilian traction gained h at 4 on 247.2m shares. Salem Brolus moved higher unfairly Active dealings toward the end of the week. On Friday the company annul cod it und Arm co steel had developed a Nerur Nurr prop i which ruts fuel costs in half. It Galinec 3vi. Pyle National Rose 2li. Pep of Roll Rose it Ford dropped 3. New York up the 10most Active mock trudits on the american Stock Exchange Las week to claw Chorao Poto Chromo of loan Bank Board. By far the biggest share of Home financing now is through so called conventional Loans those obtained from Banks savings andean associations private companies and compiled by the Hoard which insures savings Deposit with savings and loan Asmada ions shows that in 1m3 Conven Lona Loans were used for 77 per cent of All houses bought on time while the Cha accounted for Ieper cent and the a Only 8 per cent. Only world War n and korean Var veterans Are eligible for the a s House loan guaranty pro Gram so its operations in Thiesfield Are now declining. Foreclosures of convention Loans run at a lower rate officials of both private and government financing circles agreed because he buyer generally has had Topay out a larger Down payment and having More of his own Money invested is More deter mined to hold on to the properly. During the first half of this year there were 21,433 fore closures among the 3,144,000fha-Lnsured Homes. This was up about one tenth of 1 per cent Over the 18.241 foreclosures out of 3,551,000 mortgages insured byte Agency during the last half of 1063.the Agency had approximately 50,000 houses on its hands injure but sales slightly exceeded the housing Supply and demand rate was a Basic reason for the current rate of fore closures a rate which appears Mohave levelled off another reason riled at the Cha and on Capitol Hill has been the easing or liberalizing of credit requirements to finance Purchase of a Home. This was by action of Congress in 1057. 105 and in 1mi. Intended to help the Little fellow buy his own Home. At present a loan of up to115000 can be financed through the Cha with Only a 3 per cent Down payment. On a Home a buyer could put up Only my of his own Money and could Titch payments of Over 35 years. Mig Olun Potof Norma not. A of to Jinoji Munoo now id la Man. Porf ocl conk or. Over counter stocks higher new York up stocks it a last week closed higher the a Moinul quotation Bureau s Index of 35 representative Industrial Stork ended the week Ai 177 08. Up 3.4� from the close j week boo. Fir Boston corp. Sinned 77v Forest added 3 to 24v, and general aniline spurted2." to is Lui on earned 1% to w and Trico products picked up 7to i02. Calvar dropped a to 18. In the insurance list. Aetna casualty gained 4 in 1 1. Phoenix life to 128 and costal states to 82. In the Banks Chase fell 1h to 77% and chemical dipped 1 to 9814. Bankers Trust Rose 3k to jaw said a strike would be railed if agreement has not Bee reached by that time. The disagreement May mean he death Knell for american motors unique profit sharing plan with its Union workers. The Union rejected a proposal finance increased pension and insurance bereft through the program. A com Pany spokesman Salo he Feltnor flt sharing was dead. The pm strike again Cut into i Industry s production which was estimated last week at cars against m.4m the or Vlious week and 173.3b a year ago. Sales of new can by pm Ford and Chrysler in the last 10 Days september exceeded year earlier. Pm s sales of mom cars and trucks for that period whore the strike Pinch began to e Felt was a record for a yid Day period. Ford s sales were a record for the last ii Days of september and Chrysler reported gain. Pm s Fisher bodies division asked steel companile to hold off delivery of a second week schedule of steel shipment. But Mills said they expect no Cut Hack in operations to result. Sled prom Tara rules steel production last week Rose to a is month High. Output of1,513.000 tons topped the Previ Ous week by s.3 per cent Bethlehem steel co. Announced it will spend 181 million improving its sparrows Point md., Ilant the largest producer inthe world. The improvements will include two oxygen process furnaces. Big retailers reported record sales for september. Sean. Roe Buck it co s sales Rose 13.5 per cent to 1501 million. J. C. Penney co. Boosted soles 1u per rent o "1m million. Montgomery Ward & co. Sold a million Worth of goods 15.2 per cent Over last year. The census Bureau estimate that the rate of construction spending in september eased for die second consecutive construction was put at an annual Rale of ws.om.000.000. Off from 165.077,000.000 in augustan m8.m1.000.000 in july. Mystery industrialist Howard Hughes took a step aimed at wiping him regain control of trans world airline. His Hughes tool co. Designated Louis j. Hector Miami. Fla., attorney and former member of the civil aeronautics Board u trustee or Northeast airlines in which Hughes has a 123 million cab had stipulated that Hughes must divest himself of his interest in Northeast u Hughes tool is to regain voting rights to the 71 per cent of Wastock which Hughes owns. The Hughes Twa Stock now is held by trustees. . 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